From: Rick v100 (rickv100@yahoo.com)
Date: Tue Nov 08 2005 - 11:47:21 PST
Other option is to open a second bank account that is
nothing more then a clearing account for a wire.
That way it does not hit your funds.
Rick
--- MV <MV@dc9.tzo.com> wrote:
> Be careful with that "hold funds thing", they may
> take that a different
> way than what you mean. When I first started my
> business, when I
> deposited a large check, and then took out money,
> they oftentimes put a
> hold on my account for the amount of the check so
> that if the check
> bounced that I would have to retain that much money
> in the account as a
> minimum. In one case I deposited a $10,000 check
> and took out $2000 or
> so and they totally locked down my account. No more
> withdrawals for
> about a week. It was totally unexpected and was a
> great inconvenience.
> After being in business for almost 3 years now,
> they no longer do
> that. But they are just trying to protect number 1,
> "the bank".
>
> Done properly, I think a wire transfer can be made
> almost bullet proof.
> But you need to talk to your bank upfront. Don't
> give out routing
> codes to the customer. The bank can give out
> special routing codes that
> don't connect with your account directly. Sort of a
> firewall for
> routing codes.
>
> Dave
>
> Buzz wrote:
> > Mark
> > On cashier's checks, my bank calls a 800 number to
> get the issuing bank's phone
> > number then uses an automated system to verify the
> check.
> > On personal checks, In the past I have called the
> issuing bank and asked to
> > verify funds available and "hold" funds until the
> check clears.
> > I don't know if they'll still do that.
> >
> > Buzz
> >
> >
> >
> > On Tue, 8 Nov 2005 07:19:16 -0800 (PST), you
> wrote:
> >
> >>I'm in the process of selling a truck and would
> like
> >>to know how to protect myself from fake cashier's
> >>checks or money orders, etc. What I'm dealing
> with is
> >>in the $7000 range. In the past I usually insist
> on
> >>cash, but I always run in the question of checks.
> Is
> >>there a way to protect yourself? Can a bank
> determine
> >>up front if the check is valid. I had once heard
> that
> >>even if it is a cashier check, the bank I deposit
> it,
> >>still wants a few days to see if it clears.
> >>
> >>Thanks
> >>Mark
> >
> >
> >
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